Profit Investment Management LLC Has $1.65 Million Stock Holdings in Regal Rexnord Co. (NYSE:RRX)

Profit Investment Management LLC cut its holdings in shares of Regal Rexnord Co. (NYSE:RRX) by 56.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,952 shares of the company’s stock after selling 13,010 shares during the period. Profit Investment Management LLC’s holdings in Regal Rexnord were worth $1,651,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in Regal Rexnord by 13.9% during the 2nd quarter. GAMMA Investing LLC now owns 647 shares of the company’s stock worth $87,000 after purchasing an additional 79 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Regal Rexnord by 2.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 3,808 shares of the company’s stock worth $686,000 after purchasing an additional 95 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Regal Rexnord by 3.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,282 shares of the company’s stock worth $591,000 after purchasing an additional 102 shares in the last quarter. Industrial Alliance Investment Management Inc. increased its stake in Regal Rexnord by 4.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 2,697 shares of the company’s stock worth $486,000 after purchasing an additional 113 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in Regal Rexnord by 72.5% during the 3rd quarter. UMB Bank n.a. now owns 345 shares of the company’s stock worth $57,000 after acquiring an additional 145 shares during the last quarter. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Regal Rexnord Stock Up 3.2 %

NYSE RRX traded up $5.28 on Friday, reaching $169.24. The company had a trading volume of 19,519 shares, compared to its average volume of 448,514. The stock has a market capitalization of $11.26 billion, a P/E ratio of -8,198.00, a P/E/G ratio of 1.76 and a beta of 1.04. The company’s fifty day moving average is $159.97 and its 200 day moving average is $156.28. Regal Rexnord Co. has a 52-week low of $97.18 and a 52-week high of $183.85. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.56 EPS. Sell-side analysts anticipate that Regal Rexnord Co. will post 9.48 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.35 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.40 annualized dividend and a yield of 0.83%. Regal Rexnord’s dividend payout ratio is currently -7,000.00%.

Wall Street Analysts Forecast Growth

RRX has been the subject of a number of recent research reports. Barclays upped their price target on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. The Goldman Sachs Group increased their price objective on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Robert W. Baird increased their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. KeyCorp dropped their target price on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, StockNews.com downgraded Regal Rexnord from a “buy” rating to a “hold” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.71.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.